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Grantly Seafood is a calendar year taxpayer. In 2022, a hurricane destroyed three of Grantly's fishing boats with a $784,500 aggregate adjusted tax basis. On
Grantly Seafood is a calendar year taxpayer. In 2022, a hurricane destroyed three of Grantly's fishing boats with a $784,500 aggregate adjusted tax basis. On October 12, 2022, Grantly received a $1.2 million reimbursement from its insurance company. What is the latest date that Grantly can replace the boats to avoid gain recognition from the involuntary conversion?
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December 31, 2023
December 31, 2022
October 11, 2024
December 31, 2024
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